President tells who can get new program mortgage

1 June 2018 16:55

Share in:

ASTANA. KAZINFORM - The automotive industry boosted America, and we can be advanced by housing construction and agriculture, President of Kazakhstan Nursultan Nazarbayev has told today an extended session of the Nur Otan Party Political Council, Kazinform correspondent reports.

"We want that, first of all, young people, i.e. those who do not have home of their own, would get apartments. (...) Let's make it clear for the whole society about for whom and for what this is done. We counted the money, the salary, when two family members work there will be no problems at all. The maximum mortgage interest rate will be 7%," Nursultan Nazarbayev said, referring to the 7-20-25 Housing Program.

The Head of State also pointed out that earlier, housing programs required an initial payment equaling 50% of the housing cost, now it is only 20%, and that earlier, loans were granted for a maximum of 10 years, whereas now it is 25 years. Moreover, he said that this is done to make it cheaper for paying a loan.

The President added that rental housing is being built in each region.

According to him, the implementation of housing programs will cause a huge construction boom making businesses develop in this regard.

"I always say that it was the automotive industry launched by Mr. Ford, which boosted America, whereas we can be advanced by housing construction and agriculture," Nursultan Nazarbayev concluded.